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Termination of Offer (Limitations on Offeror's power to revoke (Firm…
Termination of Offer
Limitations on Offeror's power to revoke
Options
Firm offer 2-205
1) Merchant
2) Signed Writing
3) Gives assurances that it will be held open
4) Cannot exceed 3 months
If Form supplied by EE, then OR must sign separately.
Detrimental Reliance
Beginning of Performance in Unilateral K
Distinguished from mere preparations
Beginning of performance - in bilateral K.
Termination by Offeree
Rejection
Express Rejection
Counteroffer as rejection
Distinguish from Mere Inquiry
Effective when Received
Rejection of option does not terminate unless OR detrimentally relied on EE's rejection
Lapse of Time
Must accept within reasonable or specified time
Look to when offer is received by EE.
Termination by Operation of Law
Death or Insanity
Destruction of Subject Matter
Supervening Legal Prohibition of K
Termination of Acts of Parties
Termination by Offeror - Revocation
Revocation by direct communication
Revocation by Publication
Revocation by Indirect Communication
Effective When Received
Need not be read